Many companies have downsized over the years to cut cost. Most have resorted to using business models that involve the use of more outsourced consultants as opposed to hiring in-house staff. Many companies have taken advantage of the flexibility that hiring a consultant brings, as well as cost savings in other areas that are associated with hiring a full-time staff. But, in some instances, there are cases where having your own in-house accountant can be more beneficial than an outsourced accountant. If you are grappling with whether to hire an in-house accountant or an outsourced accountant, below is more information about how an in-house accountant can be beneficial to you.
Familiarity and Convenience
Usually, when a start-up company begins operating its business, they start off with an outsourced accountant rather than bringing on a full-time employee. Not only does this cut costs, but there is less of a demand for a full-time accountant during the early stages of a new business. However, when hiring your own in-house accountant, there are many benefits associated with having a full-time accountant on board. First of all, hiring an accountant allows you to better monitor the activities that are taking place throughout the day, from day-to-day. This allows the in-house accountant to provide you with the financial reporting and other results that you’re looking for at the end of the month. Additionally, an in-house accountant can become much more familiar with your overall daily systems and accounting needs than an outsourced accountant can.
Because outsourced accountants work with several clients at one time, their attention is divided. Plus they are only available on a part-time basis in most cases. In addition to that, hiring an in-house staff member can also benefit your business as it relates to developing additional financial systems as needed. To that end, an in-house accountant can put our fires and identify issues that need to be addressed more immediately as they arise. Some of which can be very costly to your business if not dealt with right away. So in essence, an in-house accountant could actually save your company money.
Hiring an in-house accountant is also much more convenient in that they are available from day to day, throughout the day. For example, outsourced accountants can normally provide you with information in terms of where you are financially on a monthly basis. However, having an in-house accountant will allow you to get up-to-date information on your current cash position as well as other information such as Sales, Accounts Receivables and Current Liabilities on an as needed basis. When accountants are available on a full-time basis, the financial information that they provide can assist business owners and other management staff makes important decisions about their business.
Employee Growth and an Increased ROI
Another great thing about hiring an in-house accountant is their ability to grow as your company grows. They can actually become an asset to your company by being more involved with various day-to-day activities on multiple levels. This could include attending meetings, creating and pulling financial reports when needed, making recommendations about changes that need to take place to enhance your bottom line and identify ways to cut costs among other things.
Hiring Top Quality Accountants
If your company is in the market to hire an in-house accountant, it’s important that you take the necessary steps to hire top-quality talent.
One way to weed out the bad apples is to work directly with a recruitment firm that specializes in bringing quality accountants directly to your company. This includes a company such as Intrinsic Workforce Recruiters known for focusing on working with top quality accountants. Working with a recruitment firm can eliminate having to respond to hundreds of job applicants.It could save your company time and money.